Hyperliquid Flips Dogecoin To Take The No. 9 Spot In Crypto

(*9*)’s HYPE token has narrowly overtaken Dogecoin by market capitalization on CoinMarketCap. The transfer got here after HYPE pushed to a contemporary all-time high above $64 on May 24, whereas Dogecoin remained close to $0.10.

The margin is skinny, and rankings stay delicate to cost feeds and circulating-supply methodology. CoinMarketCap knowledge confirmed (*9*) with a market capitalization of about $16.03 billion, 24-hour quantity of $1.11 billion, an FDV close to $60.08 billion and a circulating provide of 254.07 million HYPE. Dogecoin, by comparability, was listed with a reside market cap of about $15.87 billion, 24-hour quantity of roughly $591.7 million and a circulating provide of 154.38 billion DOGE.

How (*9*) Was Able To Overtake Dogecoin

That makes the flip much less a clear knockout than a live-market crossing. Still, the optics are tough to disregard. Dogecoin has lengthy been the benchmark for meme-asset sturdiness, surviving a number of market cycles on model, group and reflexive consideration. (*9*)’s ascent displays a unique market choice: tokens connected to venues with seen utilization, price era and direct value-accrual narratives.

The core driver behind HYPE’s rerating has been (*9*)’s buying and selling exercise and its aggressive buyback structure. 99% of charges go to Assistance Fund for purchasing HYPE tokens for (*9*) Perps, excluding builder charges, and provides the identical 99% determine for the spot order e-book, excluding unit protocol charges. Its revenue assertion lists (*9*) gross protocol income at $214.95 million in Q1 2026 and $104.88 million to this point in Q2 2026.

That price loop is central to how merchants have framed HYPE. The token’s rally shouldn’t be solely a wager on change volumes; additionally it is a wager that these volumes preserve translating into persistent open-market demand.

The token has additionally benefited from institutional-product momentum. 21Shares launched the 21Shares (*9*) ETF, ticker THYP, on Nasdaq on May 12, providing spot HYPE publicity with potential staking rewards; Bitwise adopted with the Bitwise (*9*) ETF, ticker BHYP, which started buying and selling on NYSE on May 15.

SoSoValue data reveals the merchandise had attracted $74.91 million in cumulative internet inflows by the May 22 buying and selling session, with $89.20 million in mixed internet belongings and $84.13 million in day by day buying and selling quantity. The newest full session added $10.9538 million in internet inflows, all into BHYP, bringing Bitwise’s historic internet influx to $35.9567 million. For the May 18–22 buying and selling week, HYPE spot ETFs drew $72.38 million in internet inflows, that means many of the cumulative demand arrived after launch moderately than in a one-day itemizing spike.

The comparability with Dogecoin is sharper as a result of DOGE’s ETF story is older, however the circulate profile has been far less forceful. Grayscale’s GDOG grew to become the primary US spot Dogecoin ETF on Nov. 24, 2025; Bitwise’s BWOW adopted on Nov. 26, and 21Shares’ TDOG launched in January. Yet SoSoValue’s DOGE spot ETF reveals solely $11.78 million in cumulative internet inflows as of May 21, with $14.85 million in complete internet belongings and simply $199,820 in worth traded for the session.

That makes the distinction with HYPE tough to overlook: DOGE stays one in every of crypto’s most liquid cultural belongings, however its ETF demand has been comparatively muted; HYPE’s rise has been tied to change income, derivatives exercise, buybacks and a faster-building institutional wrapper bid.

With HYPE now above Dogecoin, the subsequent main goal is TRON, ranked No. 8 by market capitalization. Based on TRON’s roughly $34.71 billion market cap and (*9*)’s 254.07 million HYPE circulating provide, HYPE would want to commerce close to $136 to match TRON’s valuation.

At press time, HYPE traded at $63.572.